We were expecting an announcement from BTC China, and here it is.
The Chinese bitcoin exchange (who also happens to accommodate litecoin trading now) has launched a mobile web app dubbed Picasso ATM, announced in Shanghai on Tuesday morning.
This app will allow users to sell their bitcoin without having to find a physical bitcoin ATM.
In short, a user starts by transferring their bitcoin to BTC China’s Picasso web wallet (which has been around for a while now), and then make the sale via the ATM web app. The receiver of those coins (the buyer) can then confirm the transaction from his or her end, completing the process.
It’s an interesting idea, and just another way BTC China plans to expand their business outside of Chinese borders. With an uncertain political climate surrounding digital currencies, this expansion will help ensure the business continues to run successfully.
And speaking of an uncertain political climate, there’s a reason why BTC China made this a web app and not just an “app”.
It’s mostly about censorship, or preventing it, rather. Recall that Apple has banned apps like Coinbase and Blockchain.info, so BTC China is keen to prevent that happening here. It also allows for greater device compatibility.
BTC China chief Bobby Lee says the Picasso ATM is just the start of new products that target international consumers. [source: TechCrunch]